NPCI incorporates NPCI BHIM Services as a WOS

13 Aug 2024 , 02:19 PM

The National Payments Corporation of India (NPCI) announced the incorporation of NPCI BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly-owned subsidiary. This initiative intends to address the growing need for digital transactions and changing market expectations while keeping up with innovation and constantly moving client preferences, according to the NPCI statement.

It also says it wants to promote financial inclusivity.

According to the statement, this initiative not only intends to boost India’s digital payment ecosystem but also represents a sense of national pride and significance in the establishment of a sovereign digital payments framework.

The addition of NBSL demonstrates the NPCI’s commitment to facilitating digital payments and financial inclusion throughout the country and beyond, it added.

The National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is a joint initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to build a strong payment and settlement infrastructure in India.

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